Is Downtown, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Downtown is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Downtown was a Seller's Market.

Key Takeaway

Downtown is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Downtown, VA

How much do homes in Downtown, VA cost?

Median Sold Price

$546,000

$203/sqft

Based on all homes sold in November 2024.

Difference Since Last Month

+$296,000(+118.4%)

Key Takeaway

Homes in Downtown have sold for 118.4% more than they did a month ago.

Summary: The median home sold price in Downtown was $546,000 in November 2024, up 118.4% from last month, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 --
N/A
2 --
N/A
3 --
N/A
4 $250K-
N/A
5+ -$546K
N/A

Summary: Downtown housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Housing Supply in Downtown, VA

How many homes are available in Downtown, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
9293+1.1%

Summary: The Downtown real estate market had 93 homes for sale in November 2024, a 1.1% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1411
-21.4%
3 4750
+6.4%
4 1817
-5.6%
5+ 1315
+15.4%

Summary: The Downtown housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 21.4%, 3 bedroom homes increased by 6.4%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes increased by 15.4%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1713-23.5%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Downtown, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Downtown in November 2024, down by 23.5% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Downtown, VA

How long does it take to sell a home in Downtown, VA?

Average Sale Time

Oct 2024Nov 2024CHANGE
20 Days65 Days+224.2%

Summary: Homes in Downtown had an average of 65 days on market in Nov 2024, up by 224.2% compared to last month.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Downtown are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During November 2024, 13 homes were sold in Downtown; 31% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

Newest Listings in Downtown, VA

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